China at ‘center of the global gold eco-system’April 15, 2014 - 17:35 AMT PanARMENIAN.Net - China's demand for gold is set to rise by about 20% over the next few years, the World Gold Council has estimated, as the population becomes more wealthy, according to BBC News. The council estimates private sector demand for gold in China will rise to at least 1,350 tonnes by 2017. Chinese customers bought 1,132 tonnes of gold last year, in jewellery as well as gold bars and coins for investment. The forecast comes as China becomes the world's largest gold-consuming nation since last year, overtaking India. The World Gold Council says China is at the "center of the global gold eco-system", as rapid urbanisation creates a rising middle class. Albert Cheng, from the World Gold Council, said: "The cultural affinity for gold runs deep in China and when this is combined with an increasingly affluent population and a supportive government, there is significant room for the market to grow even further. Whilst China faces important challenges as it seeks to sustain economic growth and liberalise its financial system, growth in personal incomes and the public's pool of savings should support a medium term increase in the demand for gold, in both jewellery and investment." According to the council, consumers bought a record amount of gold last year, with Asia's economic heavyweights China and India in the top two spots. In Western markets demand for the precious metal remained strong, particularly in the US, where people bought a lot of gold jewellery as well as gold bars and coins. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |